Iran increases oil production from oil field shared with UAE
An official at the Iranian Offshore Oil Company (IOOC) says the company has succeeded to increase crude oil production from Salman oil field in the Persian Gulf, which Iran shares with the United Arab Emirates.
Abbas Rajab-Khani, official in charge of the IOOC’s operations in Lavan region, was quoted by Iranian media as saying on Tuesday that the production hike came after the company took steps for the development of the field.
According to the official, drilling new wells and repairing inactive wells for new production were among major steps taken by the company to develop the offshore field.
Rajab-Khani stated that in line with the company’s plan, three drilling rigs are currently operating in the field, drilling new wells or repairing wells that are not currently producing oil.
He said five new wells have been already drilled in the field, adding that after completion of the fifth well, production from the joint field has increased by 7,000 barrels per day.
During recent years, Iran has been taking steps to development hydrocarbon fields it shares with neighboring countries, especially those located in the Persian Gulf.
In early May, a senior Iranian official said the country is preparing a new model of oil contracts to attract foreign investment in Iranian oil fields, especially those shared with neighboring states.
“In the IPC (Iran Petroleum Contract) contracts, joint fields should be given the priority. We have to make [the contracts] attractive enough for oil companies to be more willing for investment,” Mehdi Hosseini, who heads a committee named by Minister of Petroleum Bijan Zangeneh to formulate new oil contracts, said.
Under the IPC, the National Iranian Oil Company (NIOC) will set up joint ventures for oil and gas production with international companies which will be paid with a share of the output.
Salman oil field is located near the Iranian island of Lavan in the Persian Gulf. About 70 percent of the field is owned by Iran and the remaining 30 percent is under ownership of the United Arab Emirates.
In-place reserves of the field have been estimated at about 4.5 billion barrels, 1.6 billion barrels of which can be extracted.
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